RICHMOND, Va.--(BUSINESS WIRE)-- Harris Williams & Co. announces that Hospitalists Management Group (HMG), a portfolio company of Waud Capital Partners (WCP), has been recapitalized by AEA Investors (AEA). The transaction closed on April 30, 2010. Harris Williams & Co. acted as the exclusive advisor to HMG. The transaction was led by Turner Bredrup and Cheairs Porter from the firm’s Healthcare & Life Sciences Group in Richmond.
“HMG is a market leader in the rapidly growing hospitalist industry. With a differentiated partnership model, HMG has a competitive position that is well understood by the new investor group led by AEA,” said Turner Bredrup, managing director at Harris Williams & Co.
HMG is a leading outsourced provider of comprehensive hospitalist physician programs to hospitals throughout the United States. Hospitalists are physicians whose primary focus is managing and driving the care of hospitalized patients. Through its contracted customer relationships, HMG helps its hospital partners improve clinical outcomes, reduce average length of stay, increase patient satisfaction, achieve higher revenue and realize greater efficiencies through the application of best practices and quality management.
WCP is a leading middle market private equity investment firm, founded in 1993, that partners with exceptional management teams to invest in growth equity investments, industry consolidations, buyouts and recapitalizations. The firm seeks to invest $10 million to $100 million in private companies in the following four areas: healthcare services, business and consumer services, specialty distribution and value-added industrial businesses. Typically, the companies in which WCP invests have enterprise values between $30 million and $300 million.
AEA Investors was founded in 1968 by Rockefeller, Mellon and Harriman family interests in partnership with S.G. Warburg & Co. Today its investors—known as “Participants”—include many of the world’s leading industrial families, business executives and influential institutional investors. AEA has investment professionals operating from offices in New York, London, Munich, Hong Kong, and Shanghai. It manages approximately $5 billion of invested and committed capital in funds dedicated to three purposes: (1) buyouts of middle market companies operating principally in four sectors – industrial, specialty chemical, consumer products and services, (2) buyouts of smaller middle market companies in these same sectors, and (3) mezzanine and senior debt investments.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is the premier middle market advisor with a two decade legacy of sell side excellence serving clients worldwide. The firm is focused exclusively on the middle market providing sell side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services. The firm’s Healthcare & Life Sciences Group focuses on transactions in provider, producer, and payor services; facilities and alternate site healthcare services; and medical and life science products.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, an Appointed Representative of Sturgeon Ventures LLP, which is authorised and regulated by the Financial Services Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.
For general release inquiries, please contact Kimberly Baker, marketing director, at +1 (804) 648-0072.
Harris Williams & Co.
Kimberly Baker, +1-804-648-0072
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INDUSTRY KEYWORDS: Health Hospitals Professional Services Banking Finance